The GT440 is an ideal card for casual gamers who play on low resolutions with low to medium settings. If you plan on playing games at higher resolutions and higher settings, than the GT440 may not be enough. Between the two processors you have picked, the i3 is maybe the better option, as it gives youths option to switch to processors like the i5-3570k and i7's later on.
The ideal upgrade for you would be something along the lines of getting a Z77 motherboard, an i5-3570k and an nVidia GTX660/HD7850. The total price of that upgrade would be about £400-£450 in the UK, or equivalent in the US. If you give me a budget, I can suggest an upgrade based on your available funds.
Best Regards
Luke